Sen. Scott's Crypto Bill Faces Opposition

Republican Senator Tim Scott is leading the charge to pass a bill aimed at regulating the cryptocurrency industry. He is optimistic about garnering support from 12 to 18 Democrats as he aims for a vote on his market structure bill. However, he is contending with resistance from Democratic Senator Elizabeth Warren, a long-time critic of the crypto sector, whom he claims is obstructing progress. Speaking at the Wyoming Blockchain Symposium on Tuesday, Scott remarked, "The forces against it, let me just say it clearly, like Elizabeth Warren, standing in the way of Democrats wanting to participate. It is a real force to overcome." Last month, Scott, along with Senators Cynthia Lummis, Bill Hagerty, and Bernie Moreno, published a discussion draft for a broader crypto market structure, setting a self-imposed deadline of September 30 to advance legislation. This market structure is deemed a more complex task compared to regulations for stablecoins, which have already been enacted. In the House, a similar market structure bill passed with a vote of 294-134 last month, receiving support from 78 Democrats. Ultimately, cooperation between the House and Senate will be crucial for finalizing any comprehensive legislation. Senator Warren has reacted strongly against Scott's draft, accusing her Republican colleagues of attempting to deliver an "industry handout." "We need a crypto regulatory framework that reduces these risks," Warren stated in July. "But I’m concerned that what my Republican colleagues are aiming for is another industry handout that gives the crypto lobby everything on its wish list: the blessing of the government’s approval, combined with crypto rules that are weaker than those imposed on every other financial actor." Disclaimer: The Block is an independent media outlet delivering news and data. As of November 2023, Foresight Ventures holds a major stake in The Block, which operates independently to provide unbiased insights into the crypto industry. This article serves informational purposes only and is not intended as legal, tax, investment, or financial advice.